BJ'S WHOLESALE CLUB HOLDINGS, INC., 10-Q filed on 5/26/2023
Quarterly Report
v3.23.1
Cover - shares
 3 Months Ended
Apr. 29, 2023
May 19, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Apr. 29, 2023  
Document Transition Report false  
Entity File Number 001-38559  
Entity Registrant Name BJ’S WHOLESALE CLUB HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2936287  
Entity Address, Address Line One 350 Campus Drive  
Entity Address, City or Town Marlborough  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 01752  
City Area Code 774  
Local Phone Number 512-7400  
Title of 12(b) Security Common Stock, par value $0.01  
Trading Symbol BJ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   134,369,427
Entity Central Index Key 0001531152  
Amendment Flag false  
Current Fiscal Year End Date --02-03  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2023  
v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Apr. 29, 2023
Jan. 28, 2023
Apr. 30, 2022
Current assets:      
Cash and cash equivalents $ 23,387 $ 33,915 $ 37,952
Accounts receivable, net 217,866 239,746 210,405
Merchandise inventories 1,532,006 1,378,551 1,462,098
Prepaid expenses and other current assets 69,048 51,033 58,814
Total current assets 1,842,307 1,703,245 1,769,269
Operating lease right-of-use assets, net 2,124,621 2,142,925 2,177,777
Property and equipment, net 1,364,815 1,337,029 989,658
Goodwill 1,008,816 1,008,816 924,134
Intangibles, net 113,536 115,505 122,332
Deferred income taxes 6,728 11,498 4,595
Other assets 33,672 30,938 22,240
Total assets 6,494,495 6,349,956 6,010,005
Current liabilities:      
Short-term debt 400,000 405,000 80,000
Current portion of operating lease liabilities 178,939 177,233 169,423
Accounts payable 1,281,676 1,195,697 1,267,102
Accrued expenses and other current liabilities 758,724 767,411 692,530
Total current liabilities 2,619,339 2,545,341 2,209,055
Long-term operating lease liabilities 2,037,844 2,058,797 2,107,532
Long-term debt 448,004 447,880 748,987
Deferred income taxes 66,699 57,024 58,511
Other non-current liabilities 190,883 194,077 164,578
Commitments and contingencies (see Note 5)
STOCKHOLDERS’ EQUITY      
Preferred stock; par value $0.01; 5,000 shares authorized, and no shares issued 0 0 0
Common stock, par value $0.01; 300,000 shares authorized, 147,380 shares issued and 134,376 outstanding at April 29, 2023; 146,347 shares issued and 133,903 outstanding at January 28, 2023; and 145,941 shares issued and 135,195 outstanding at April 30, 2022 1,473 1,463 1,459
Additional paid-in capital 970,227 958,555 914,120
Retained earnings 760,567 644,490 243,763
Accumulated other comprehensive income 1,049 1,550 2,010
Treasury stock, at cost, 13,004 shares at April 29, 2023; 12,444 shares at January 28, 2023; and 10,746 shares at April 30, 2022 (601,590) (559,221) (440,010)
Total stockholders’ equity 1,131,726 1,046,837 721,342
Total liabilities and stockholders’ equity $ 6,494,495 $ 6,349,956 $ 6,010,005
v3.23.1
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Apr. 29, 2023
Jan. 28, 2023
Apr. 30, 2022
Statement of Financial Position [Abstract]      
Preferred stock, par value (in USD per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 5,000,000 5,000,000 5,000,000
Preferred stock, issued (in shares) 0 0 0
Common stock, par value (in USD per share) $ 0.01 $ 0.01 $ 0.01
Common stock, authorized (in shares) 300,000,000 300,000,000 300,000,000
Common stock, issued (in shares) 147,380,000 146,347,000 145,941,000
Common stock, outstanding (in shares) 134,376,000 133,903,000 135,195,000
Treasury stock (in shares) 13,004,000 12,444,000 10,746,000
v3.23.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Apr. 29, 2023
Apr. 30, 2022
Total revenues $ 4,723,142 $ 4,496,435
Cost of sales 3,843,150 3,705,838
Selling, general and administrative expenses 689,328 635,380
Pre-opening expenses 3,894 4,900
Operating income 186,770 150,317
Interest expense, net 14,690 7,841
Income from continuing operations before income taxes 172,080 142,476
Provision for income taxes 56,092 30,019
Income from continuing operations 115,988 112,457
Income (loss) from discontinued operations, net of income taxes 89 (7)
Net income $ 116,077 $ 112,450
Income per share attributable to common stockholders—basic:    
Income from continuing operations (in USD per share) $ 0.87 $ 0.84
Income from discontinued operations (in USD per share) 0 0
Net income (in USD per share) 0.87 0.84
Income per share attributable to common stockholders—diluted:    
Income from continuing operations (in USD per share) 0.85 0.82
Income from discontinued operations (in USD per share) 0 0
Net income (in USD per share) $ 0.85 $ 0.82
Weighted-average number of shares outstanding:    
Basic (in shares) 133,312 134,244
Diluted (in shares) 135,902 136,702
Other comprehensive income (loss):    
Amounts reclassified from accumulated other comprehensive income, net of tax $ (501) $ 117
Unrealized gain on cash flow hedge, net of income tax provision of $229, at April 30, 2022 0 588
Total other comprehensive income (loss) (501) 705
Total comprehensive income 115,576 113,155
Net sales    
Total revenues 4,620,620 4,399,810
Membership    
Total revenues $ 102,522 $ 96,625
v3.23.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Parentheticals)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
USD ($)
Income Statement [Abstract]  
Unrealized gain on cash flow hedge, tax provision $ 229
v3.23.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
Treasury Stock
Balance at beginning of period (in shares) at Jan. 29, 2022   145,451        
Balance at beginning of period at Jan. 29, 2022 $ 648,108 $ 1,454 $ 902,704 $ 131,313 $ 1,305 $ (388,668)
Treasury stock at beginning of period (in shares) at Jan. 29, 2022           (9,945)
Net income 112,450     112,450    
Amounts reclassified from accumulated other comprehensive income, net of tax 117       117  
Unrealized gain on cash flow hedge, net of tax 588       588  
Common stock issued under stock incentive plans (in shares)   490        
Common stock issued under stock incentive plans 0 $ 5 (5)      
Stock-based compensation expense 9,115   9,115      
Net cash received from stock option exercises 2,306   2,306      
Acquisition of treasury stock (in shares)           (801)
Acquisition of treasury stock $ (51,342)         $ (51,342)
Balance at end of period (in shares) at Apr. 30, 2022 135,195 145,941        
Balance at end of period at Apr. 30, 2022 $ 721,342 $ 1,459 914,120 243,763 2,010 $ (440,010)
Treasury stock at end of period (in shares) at Apr. 30, 2022 (10,746)         (10,746)
Balance at beginning of period (in shares) at Jan. 28, 2023 133,903 146,347        
Balance at beginning of period at Jan. 28, 2023 $ 1,046,837 $ 1,463 958,555 644,490 1,550 $ (559,221)
Treasury stock at beginning of period (in shares) at Jan. 28, 2023 (12,444)         (12,444)
Net income $ 116,077     116,077    
Amounts reclassified from accumulated other comprehensive income, net of tax (501)       (501)  
Unrealized gain on cash flow hedge, net of tax 0          
Common stock issued under stock incentive plans (in shares)   1,033        
Common stock issued under stock incentive plans 0 $ 10 (10)      
Stock-based compensation expense 10,007   10,007      
Net cash received from stock option exercises 1,675   1,675      
Acquisition of treasury stock (in shares)           (560)
Acquisition of treasury stock $ (42,369)         $ (42,369)
Balance at end of period (in shares) at Apr. 29, 2023 134,376 147,380        
Balance at end of period at Apr. 29, 2023 $ 1,131,726 $ 1,473 $ 970,227 $ 760,567 $ 1,049 $ (601,590)
Treasury stock at end of period (in shares) at Apr. 29, 2023 (13,004)         (13,004)
v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Apr. 29, 2023
Apr. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 116,077 $ 112,450
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 54,190 47,109
Amortization of debt issuance costs and accretion of original issue discount 324 832
Stock-based compensation expense 10,007 9,115
Deferred income tax provision 14,445 6,299
Changes in operating leases and other non-cash items (750) 29,892
Increase (decrease) in cash due to changes in:    
Accounts receivable 21,871 (36,454)
Merchandise inventories (153,455) (219,163)
Prepaid expenses and other current assets (18,016) (3,566)
Other assets (2,933) 587
Accounts payable 85,979 154,319
Accrued expenses and other current liabilities (4,977) (58,780)
Other non-current liabilities (3,630) 1,668
Net cash provided by operating activities 119,132 44,308
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property and equipment, net of disposals (92,084) (90,533)
Net cash used in investing activities (92,084) (90,533)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from revolving lines of credit 149,000 115,000
Payments on revolving lines of credit (154,000) (35,000)
Net cash received from stock option exercises 1,675 2,306
Acquisition of treasury stock (42,369) (51,342)
Proceeds from financing obligations 9,104 8,072
Other financing activities (986) (295)
Net cash (used in) provided by financing activities (37,576) 38,741
Net decrease in cash and cash equivalents (10,528) (7,484)
Cash and cash equivalents at beginning of period 33,915 45,436
Cash and cash equivalents at end of period 23,387 37,952
Supplemental cash flow information:    
Interest paid 14,540 6,993
Income taxes paid 11,875 10,925
Operating lease liabilities arising from obtaining right-of-use assets 26,189 123,339
Non-cash financing and investing activities:    
Property additions included in accrued expenses $ 24,754 $ 23,974
v3.23.1
Description of Business
 3 Months Ended
Apr. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
BJ’s Wholesale Club Holdings, Inc. and its wholly-owned subsidiaries is a leading warehouse club operator concentrated primarily in the eastern half of the United States. As of April 29, 2023, the Company operated 237 warehouse clubs and 167 gas stations in 18 states.
The Company follows and reports based on the National Retail Federation’s fiscal calendar. The thirteen week periods ended April 29, 2023 and April 30, 2022 are referred to herein as the "first quarter of fiscal year 2023" and the "first quarter of fiscal year 2022," respectively.
v3.23.1
Summary of Significant Accounting Policies
 3 Months Ended
Apr. 29, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with GAAP. 
The condensed consolidated balance sheet as of January 28, 2023 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the first quarter of fiscal year 2023 are not necessarily indicative of future results or results to be expected for fiscal year 2023. The Company’s business, in common with the business of retailers generally, is subject to seasonal influences. The Company’s sales and operating income have typically been highest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year. 
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year 2022, as filed with the Securities and Exchange Commission on March 16, 2023.
Recent Accounting Pronouncements
The Company’s accounting policies are set forth in the audited financial statements included in the Company’s Annual Report on Form 10-K for fiscal year 2022. There have been no material changes to these accounting policies and no accounting pronouncements adopted that had a material impact on the Company’s financial statements.
v3.23.1
Revenue Recognition
 3 Months Ended
Apr. 29, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Performance Obligations
The Company identifies each distinct performance obligation to transfer goods (or bundle of goods) or services. The Company recognizes revenue as it satisfies a performance obligation by transferring control of the goods or services to the customer.
Net sales—The Company recognizes net sales at clubs and gas stations when the customer takes possession of the goods and tenders payment. Sales tax is recorded as a liability at the point of sale. Revenue is recorded at the point of sale based on the transaction price on the shelf sign, net of any applicable discounts, sales tax and expected refunds. For e-commerce sales, the Company recognizes sales when control of the merchandise is transferred to the customer, which is typically at the time of shipment. The following table summarizes the Company’s point of sale transactions at clubs and gas stations, excluding sales tax, as a percentage of both net sales and total revenues:
Thirteen Weeks Ended
April 29, 2023April 30, 2022
Point of sale transactions, excluding sales tax, as a percent of net sales
91%
92%
Point of sale transactions, excluding sales tax, as a percent of total revenues
89%
90%
BJ’s Perks Rewards and My BJ’s Perks programs—The Company’s BJ’s Perks Rewards membership program which was in place in fiscal year 2022, allowed participating members to earn 2% cash back, up to a maximum of $500 per year, on qualified purchases made at BJ’s. The Company also offered a co-branded credit card program, the My BJ’s Perks program, which allowed My BJ’s Perks Mastercard credit card holders to earn up to 5% cash back on eligible purchases made at BJ’s and up to 2% cash back on purchases made with the card outside of BJ’s. Cash back was in the form of electronic awards issued in $10 increments that could be used online or in-club at the register and expired six months from the date issued. 
In the first quarter of fiscal year 2023, the Company rebranded the rewards program. The former BJ's Perks Rewards membership program is now the Club+ program, whereby participating members earn 2% cash back, up to a maximum of $500 per year, on qualified purchases made at BJs and a 5 cent-per-gallon discount at BJ's gas locations. The Company's co-branded credit card program is now the BJ's One and BJ's One+ program, which allows cardholders with the opportunity to earn up to 5% cash back on purchases made in BJ's clubs or online at bjs.com and up to a 15 cent-per-gallon discount on gasoline when paying with a BJ's One or BJ's One+ Mastercard at our BJ’s gas locations. Cash back is in the form of electronic awards issued to each member monthly on their credit card statement date. Earned rewards under these two programs do not expire.
Earned awards may be redeemed on future purchases made at the Company. The Company recognizes revenue for earned awards when customers redeem such awards as part of a purchase at one of the Company’s clubs or the Company’s website. The Company accounts for these transactions as multiple element arrangements and allocates the transaction price to separate performance obligations using their relative fair values. The Company includes the fair value of award dollars earned in deferred revenue at the time the award dollars are earned. This liability was $36.6 million at April 29, 2023, $34.7 million at January 28, 2023 and $32.5 million at April 30, 2022 and is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. In the first quarter of fiscal year 2023, the Company recognized $34.7 million of revenue that was included in the deferred liability as of January 28, 2023. In the first quarter of fiscal year 2022, the Company recognized $30.3 million that was included in the deferred liability as of January 29, 2022.
Royalty revenue received in connection with the My BJ’s Perks and the BJ's One and BJ's One+ co-brand credit card program is variable consideration and is considered deferred until the card holder makes a purchase. The Company’s total deferred royalty revenue related to the outstanding My BJ's Perks and BJ's One and BJ's One+ credit card program was $4.1 million, $17.9 million, and $29.2 million at April 29, 2023, January 28, 2023, and April 30, 2022, respectively, and is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. The timing of revenue recognition of these awards is driven by actual customer activities, such as redemptions and expirations. As of April 29, 2023, the Company expects to recognize $4.1 million of the deferred revenue in fiscal year 2023.
In connection with the new co-brand credit card program, the Company has deferred approximately $14.7 million for funds received related to marketing and other integration costs as of April 29, 2023. The Company expects to recognize approximately $6.3 million in fiscal year 2023, which is included in accrued expenses and other current liabilities. The Company expects to recognize approximately $8.4 million thereafter, of which $1.1 million is included in accrued expenses and other current liabilities and $7.3 million is included in other non-current liabilities in the condensed consolidated balance sheets.
Membership—The Company charges a membership fee to its customers, which allows customers to shop in the Company’s clubs, shop on the Company’s website, and purchase gasoline at the Company’s gas stations for the duration of the membership, which is generally 12 months. As the Company has the obligation to provide access to its clubs, website, and gas stations for the duration of the membership term, the Company recognizes membership fees on a straight-line basis over the life of the membership. The Company’s deferred revenue related to membership fees was $192.7 million, $183.7 million and $185.2 million at April 29, 2023, January 28, 2023, and April 30, 2022, respectively, and is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
Gift Card Programs—The Company sells BJ’s gift cards that allow customers to redeem the card for future purchases equal to the amount of the original purchase price of the gift card. Revenue from gift card sales is recognized upon redemption of the gift card because the Company’s performance obligation to redeem the gift card for merchandise is satisfied when the gift card is redeemed. Deferred revenue related to gift cards was $13.1 million, $14.1 million and $11.2 million at April 29, 2023, January 28, 2023, and April 30, 2022, respectively. The Company recognized $11.6 million and $10.5 million of revenue from gift card redemptions in the first quarters of fiscal year 2023 and fiscal year 2022, respectively.
Disaggregation of Revenue
The Company’s club retail operations, which include retail club and other sales procured from our clubs and distribution centers, represent substantially all of its consolidated total revenues, and are the Company’s only reportable segment. All the
Company’s identifiable assets are in the United States. The Company does not have significant sales outside the United States, nor does any customer represent more than 10% of total revenues for any period presented.
The following table summarizes the Company’s percentage of net sales disaggregated by category:
Thirteen Weeks Ended
April 29, 2023April 30, 2022
Grocery71 %67 %
General Merchandise and Services10 %11 %
Gasoline and Other19 %22 %
v3.23.1
Debt and Credit Arrangements
 3 Months Ended
Apr. 29, 2023
Debt Disclosure [Abstract]  
Debt and Credit Arrangements Debt and Credit Arrangements
The following table summarizes the Company’s debt (in thousands):
April 29, 2023January 28, 2023April 30, 2022
ABL Revolving Facility$400,000 $405,000 $— 
ABL Facility— — 130,000 
First Lien Term Loan450,000 450,000 701,920 
Unamortized original issue discount and debt issuance costs(1,996)(2,120)(2,933)
Less: Short-term debt(400,000)(405,000)(80,000)
Long-term debt$448,004 $447,880 $748,987 
ABL Revolving Facility
On July 28, 2022, the Company entered into the ABL Revolving Facility with an ABL Revolving Commitment of $1.2 billion pursuant to that certain credit agreement (the "Credit Agreement") with Bank of America, N.A., as administrative agent and collateral agent, and the other lenders party thereto. The maturity date of the ABL Revolving Facility is July 28, 2027. In connection with this transaction, the Company extinguished the ABL Facility.
Revolving loans under the ABL Revolving Facility are available in an aggregate amount equal to the lesser of the aggregate ABL Revolving Commitment or a borrowing base based on the value of certain inventory, accounts and credit card receivables, subject to specified advance rebates and reserves as set forth in the Credit Agreement. Indebtedness under the ABL Revolving Facility is secured by substantially all of the assets (other than real estate) of the Company and its subsidiaries, subject to customary exceptions. As amended, interest on the ABL Revolving Facility is calculated either at the Secured Overnight Financing Rate ("SOFR") plus a range of 100 to 125 basis points or a base rate plus 0 to 25 basis points, based on excess availability. The Company will also pay an unused commitment fee of 20 basis points per annum on the unused ABL Revolving Commitment. Each borrowing is for a period of one, three, or six months, as selected by the Company, or for such other period that is twelve months or less requested by the Company and consented to by the lenders and administrative agent.
The ABL Revolving Facility places certain restrictions (i.e., covenants) upon the Borrower’s, and its subsidiaries’, ability to, among other things, incur additional indebtedness, pay dividends and make certain loans, investments, and divestitures. The ABL Revolving Facility contains customary events of default (including payment defaults, cross-defaults to certain of our other
indebtedness, breach of representations and covenants and change of control). The occurrence of an event of default under the ABL Revolving Facility would permit the lenders to accelerate the indebtedness and terminate the ABL Revolving Facility.
At January 28, 2023, there was $405.0 million outstanding in loans under the ABL Revolving Facility and $11.5 million in outstanding letters of credit. The interest rate on the revolving credit facility was 5.63% and unused capacity was $535.2 million.
As of April 29, 2023, there was $400.0 million outstanding in loans under the ABL Revolving Facility and $11.8 million in outstanding letters of credit. The interest rate on the ABL Revolving Facility was 6.08% and unused capacity was $645.0 million.
ABL Facility - Former Credit Agreement
The ABL Revolving Facility replaced the ABL Facility, which was comprised of a $950.0 million revolving credit facility and a $50.0 million term loan. The ABL Facility was secured on a senior basis by certain "liquid assets" of the Company and secured on a junior basis by certain "fixed assets" of the Company. The $50.0 million term loan payment terms were restricted in that the term loan could not be repaid unless all loans outstanding under the ABL Facility are repaid, and once repaid, cannot be re-borrowed. The availability under the $950.0 million revolving credit facility was restricted based on eligible monthly merchandise inventories and receivables as defined in the facility agreement. Interest on the revolving credit facility was calculated either at the London Interbank Offered Rate ("LIBOR") plus a range of 125 to 175 basis points or a base rate plus a range of 25 to 75 basis points; and interest on the term loan was calculated at LIBOR plus a range of 200 to 250 basis points or a base rate plus a range of 100 to 150 basis points, in all cases based on excess availability. The applicable spread of LIBOR and base rate loans at all levels of excess availability stepped down by 12.5 basis points upon achieving total net leverage of 3.00 to 1.00. The ABL Facility also provided a sub-facility for issuance of letters of credit subject to certain fees defined in the ABL Facility agreement. The ABL Facility was subject to various commitment fees during the term of the facility based on utilization of the revolving credit facility and was scheduled to mature on August 17, 2023.
As of April 30, 2022, there was $130.0 million outstanding in loans under the ABL Facility and $10.9 million in outstanding letters of credit. The interest rate on the ABL Facility was 1.89%, the interest rate of the term loan was 2.45%, and unused capacity was $859.1 million.
First Lien Term Loan
On January 5, 2023, the Company entered into an amendment (the “Third Amendment”) to the First Lien Term Loan Credit Agreement, with Nomura Corporate Funding Americas, LLC, as administrative agent and collateral agent and the lenders party thereto. BofA Securities, Inc., Deutsche Bank Securities Inc., and Wells Fargo Securities LLC acted as joint lead arrangers and joint bookrunners of the Third Amendment.
The Third Amendment, among other things, extended the maturity date with respect to the term loans outstanding under the First Lien Term Loan Credit Agreement from February 3, 2024 to February 3, 2027. In addition, the Third Amendment transitioned the interest rate, immediately, from LIBOR to SOFR and changed the applicable margin from LIBOR plus 200 – 225 basis points per annum to SOFR plus 275 basis points per annum.
Voluntary prepayments are permitted. Principal payments must be made on the First Lien Term Loan pursuant to an annual excess cash flow calculation when the net leverage ratio exceeds 3.50 to 1.00. As of April 29, 2023, the Company's net leverage ratio did not exceed 3.50 to 1.00, and therefore, no incremental principal payments were required. The First Lien Term Loan is subject to certain affirmative and negative covenants but no financial covenants. It is secured on a senior basis by certain "fixed assets" of the Company and on a junior basis by certain "liquid" assets of the Company.
There was $450.0 million outstanding on the First Lien Term Loan at April 29, 2023 and January 28, 2023 and $701.9 million outstanding at April 30, 2022. The interest rates were 7.58%, 7.11%, and 2.52% at April 29, 2023, January 28, 2023, and April 30, 2022, respectively.
v3.23.1
Commitments and Contingencies
 3 Months Ended
Apr. 29, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and ContingenciesThe Company is involved in various legal proceedings that are typical of a retail business. In accordance with applicable accounting guidance, an accrual will be established for legal proceedings if and when those matters present loss contingencies that are both probable and estimable. The Company does not believe the resolution of any current proceedings will result in a material loss to the condensed consolidated financial statements.
v3.23.1
Stock Incentive Plans
 3 Months Ended
Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive Plans
On June 13, 2018, the Company’s board of directors adopted, and its stockholders approved, the BJ’s Wholesale Club Holdings, Inc. 2018 Incentive Award Plan (the "2018 Plan"). The 2018 Plan provides for the grant of stock options, restricted stock, dividend equivalents, stock payments, restricted stock units, performance shares, other incentive awards, stock appreciation rights, and cash awards. Prior to the adoption of the 2018 Plan, the Company granted stock-based compensation to employees and non-employee directors under the Fourth Amended and Restated 2011 Stock Option Plan of BJ’s Wholesale Club, Inc. (f/k/a Beacon Holding Inc.), as amended (the "2011 Plan") and the 2012 Director Stock Option Plan of BJ’s Wholesale Club Holdings, Inc. (f/k/a Beacon Holding, Inc.), as amended (the "2012 Director Plan"). No further grants will be made under the 2011 Plan or the 2012 Director Plan.
The 2018 Plan authorizes the issuance of 13,148,058 shares, including 985,369 shares that were reserved but not issued under the 2011 Plan and the 2012 Director Plan. If an award under the 2018 Plan, the 2011 Plan, or the 2012 Director Plan is forfeited, expires, or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration, or cash settlement, be used again for new grants under the 2018 Plan. Additionally, shares tendered or withheld to satisfy grant or exercise price, or tax withholding obligations associated with an award under the 2018 Plan, the 2011 Plan, or the 2012 Director Plan will be added to the shares authorized for grant under the 2018 Plan. The following shares may not be used again for grant under the 2018 Plan: (1) shares subject to a stock appreciation right ("SAR") that are not issued in connection with the stock settlement of the SAR upon its exercise and (2) shares purchased on the open market with the cash proceeds from the exercise of options under the 2018 Plan, 2011 Plan, or 2012 Director Plan. As of April 29, 2023, there were 4,859,186 shares available for future issuance under the 2018 Plan.
On April 16, 2021, the Compensation Committee approved a modification to the equity awards agreements under the 2011 Plan, 2012 Director Plan and 2018 Plan. In the event that an employee is terminated due to death or disability, the modified equity award agreements provide for: (i) full vesting of all time-based awards, including restricted stock awards and stock options, (ii) pro-rata vesting of all performance-based awards, including performance share units, based on actual performance as of the end of the applicable performance period, pro-rated based on the period of employment during the applicable performance period, and (iii) the extension of the post-termination exercise window for vested stock options.
The following table summarizes the Company’s stock award activity during the thirteen weeks ended April 29, 2023 (shares in thousands):
Stock OptionsRestricted StockRestricted Stock UnitsPerformance Stock
SharesWeighted-
Average
Exercise
Price		SharesWeighted-
Average
Grant
Date Fair
Value		SharesWeighted-
Average
Grant
Date Fair
Value		SharesWeighted-
Average
Grant
Date Fair
Value
Outstanding, January 28, 20231,788 $20.35 750 $50.10 24 $58.61 854 $45.70 
Granted (a)
— — 321 76.07 — — 503 76.07 
Forfeited/canceled— — (3)47.63 (5)58.61 — — 
Exercised/vested(79)21.32 (378)42.57 — — (640)24.35 
Outstanding, April 29, 20231,709 $20.31 690 $66.33 19 $58.61 717 $58.84 
a.Includes 320 incremental Performance Stock awards granted in fiscal year 2020 with a weighted-average grant date fair value of $24.35, that vested in fiscal year 2023 at greater than 100% of target based on performance.
Stock-based compensation expense was $10.0 million and $9.1 million for the thirteen weeks ended April 29, 2023 and April 30, 2022, respectively.
On June 14, 2018, the Company’s board of directors adopted, and its stockholders approved, the ESPP, which became effective July 1, 2018. The aggregate number of shares of common stock that were to be reserved for issuance under the ESPP was to be equal to the sum of (i) 973,014 shares and (ii) an annual increase on the first day of each calendar year beginning in 2019 and ending in 2028 equal to the lesser of (A) 486,507 shares, (B) 0.5% of the shares outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (C) such smaller number of shares as determined by the
Company's board of directors. The offering under the ESPP commenced on January 1, 2019. The amount of expense recognized for the thirteen weeks ended April 29, 2023 and April 30, 2022 was $0.3 million and $0.2 million, respectively. As of April 29, 2023, there were 2,524,665 shares available for issuance under the ESPP.
v3.23.1
Treasury Shares and Share Repurchase Program
 3 Months Ended
Apr. 29, 2023
Equity [Abstract]  
Treasury Shares and Share Repurchase Program Treasury Shares and Share Repurchase Program
Treasury Shares Acquired on Restricted Stock and Performance Stock Awards
The Company acquired 356,202 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock and performance stock awards in the thirteen weeks ended April 29, 2023, which were recorded as $27.1 million of treasury stock. The Company acquired 229,900 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended April 30, 2022, which were recorded as $15.5 million of treasury stock.
Share Repurchase Program
On November 16, 2021, the Company's board of directors approved a share repurchase program (the "2021 Repurchase Program") that allows the Company to repurchase up to $500.0 million of its outstanding common stock from time to time as market conditions warrant. The 2021 Repurchase Program expires in January 2025. The Company initiated the 2021 Repurchase Program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value.
The Company repurchased 204,040 shares for $15.3 million and 570,506 shares for $35.8 million during the thirteen weeks ended April 29, 2023 and April 30, 2022, respectively. As of April 29, 2023, $303.4 million remained available to purchase under the 2021 Repurchase Program.
v3.23.1
Income Taxes
 3 Months Ended
Apr. 29, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company projects the estimated annual effective tax rate for fiscal year 2023 to be 28.3%, excluding the tax effect of discrete events, such as excess tax benefits from stock-based compensation, changes in tax legislation, settlements of tax audits and changes in uncertain tax positions, among others.

The Company’s effective income tax rate from continuing operations was 32.6% and 21.1% for the thirteen weeks ended April 29, 2023 and April 30, 2022, respectively. The increase in the effective tax rate was largely due to an immaterial adjustment to certain deferred tax assets related to prior periods, as well as lower excess tax benefits, offset by higher income in the current period.
The Company is subject to taxation in the U.S. federal and various state taxing jurisdictions. The Company’s tax years from 2018 forward remain open and subject to examination by the Internal Revenue Service and various state taxing authorities.
On August 16, 2022, the Inflation Reduction Act was signed into law in the United States. We are currently evaluating the Inflation Reduction Act law to determine future impacts on our financial statements.
v3.23.1
Fair Value Measurements
 3 Months Ended
Apr. 29, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Certain assets and liabilities are carried at fair value in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The Company uses a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable inputs other than quoted market prices included in Level 1 such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
Financial Assets and Liabilities
The fair value of the Company's long-term debt is estimated based on current market rates for our specific debt instrument. Judgment is required to develop these estimates. As such, the estimated fair value of long-term debt is classified within Level 2, as defined under U.S. GAAP.
The gross carrying amount and fair value of the Company’s debt at April 29, 2023 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$450,000 $450,734 
ABL Revolving Facility400,000 400,000 
Total Debt$850,000 $850,734 
The gross carrying amount and fair value of the Company’s debt at January 28, 2023 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$450,000 $450,482 
ABL Revolving Facility405,000 405,000 
Total Debt$855,000 $855,482 
The gross carrying amount and fair value of the Company’s debt at April 30, 2022 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $701,323 
ABL Facility130,000 130,000 
Total Debt$831,920 $831,323 
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company measures certain non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis.
The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, and accounts payable, approximates their carrying value due to the short-term maturities of these instruments.
v3.23.1
Earnings Per Share
 3 Months Ended
Apr. 29, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The table below reconciles basic weighted-average shares of common stock outstanding to diluted weighted-average shares of common stock outstanding for the thirteen weeks ended April 29, 2023 and April 30, 2022 (in thousands):
Thirteen Weeks Ended
April 29, 2023April 30, 2022
Weighted-average shares of common stock outstanding, used for basic computation133,312 134,244 
Plus: Incremental shares of potentially dilutive securities:
Stock incentive awards2,590 2,458 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding135,902 136,702 
The table below summarizes anti-dilutive awards that were excluded from the computation of diluted earnings for the thirteen weeks ended April 29, 2023 and April 30, 2022, as their inclusion would have been anti-dilutive (in thousands):
Thirteen Weeks Ended
April 29, 2023April 30, 2022
Restricted shares103 96 
v3.23.1
Derivative Financial Instruments
 3 Months Ended
Apr. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Interest Rate Swaps
On November 13, 2018, the Company entered into three forward starting interest rate swaps (the "Interest Rate Swaps"), which were effective starting on February 13, 2019 and fixed the LIBOR component of $1.2 billion of its floating rate debt at a rate of approximately 3.0% from February 13, 2019 until February 13, 2022. The Company elected hedge accounting for the interest rate swap agreements, and as such, the effective portion of the gains or losses were recorded as a component of other comprehensive income and the ineffective portion of gains or losses were recorded as interest expense.
The Interest Rate Swaps expired in February 2022. There was no liability recorded as of April 29, 2023,  January 28, 2023, or April 30, 2022.
The net of tax amount for the effective and ineffective Interest Rate Swaps was recorded in other comprehensive income and interest expense, respectively. There were no gains or losses recorded in other comprehensive income for the thirteen weeks ended April 29, 2023. For the thirteen weeks ended April 30, 2022, the Company recorded a $0.8 million gain in other comprehensive income. There was no ineffective portion of gains in the thirteen weeks ended April 29, 2023. The ineffective portion of gains of $0.3 million for the thirteen weeks ended April 30, 2022 was recorded in interest expense.
v3.23.1
Acquisitions
 3 Months Ended
Apr. 29, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
On May 2, 2022, the Company completed the Acquisition to bring substantially all of its end-to-end perishable supply chain in-house. The total consideration paid by the Company in connection with the Acquisition was approximately $375.6 million, excluding transaction costs. The Company did not record any transaction costs during the thirteen weeks ended April 29, 2023. The Company recorded transaction costs related to the acquisition of $7.9 million during the thirteen weeks ended April 30, 2022. These costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income.
The following table summarizes the consideration paid and the final fair values of the assets acquired and liabilities assumed (in thousands) in connection with the Acquisition:

As of May 2, 2022
Fair Value
Assets:
Property and equipment, net$203,400 
Merchandise inventories88,072 
Goodwill84,682 
Operating lease right-of-use assets, net16,569 
Prepaid expenses and other current assets433 
Intangibles, net100 
Total Assets393,256 
Liabilities:
Long-term operating lease liabilities(16,569)
Accrued expenses and other current liabilities(1,106)
Total Liabilities(17,675)
Total consideration paid, including working capital adjustments$375,581 
It is impracticable to provide historical supplemental pro forma financial information along with earnings during the period subsequent to the Acquisition due to a variety of factors, including access to historical information and the operations of acquirees being integrated within the Company shortly after closing and not operating as discrete entities within the Company’s organizational structure.
v3.23.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Apr. 29, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with GAAP. 
The condensed consolidated balance sheet as of January 28, 2023 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the first quarter of fiscal year 2023 are not necessarily indicative of future results or results to be expected for fiscal year 2023. The Company’s business, in common with the business of retailers generally, is subject to seasonal influences. The Company’s sales and operating income have typically been highest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year. 
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year 2022, as filed with the Securities and Exchange Commission on March 16, 2023.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
The Company’s accounting policies are set forth in the audited financial statements included in the Company’s Annual Report on Form 10-K for fiscal year 2022. There have been no material changes to these accounting policies and no accounting pronouncements adopted that had a material impact on the Company’s financial statements.
v3.23.1
Revenue Recognition (Tables)
 3 Months Ended
Apr. 29, 2023
Revenue from Contract with Customer [Abstract]  
Point of sale transactions as a percentage of net sales and total revenues The following table summarizes the Company’s point of sale transactions at clubs and gas stations, excluding sales tax, as a percentage of both net sales and total revenues:
Thirteen Weeks Ended
April 29, 2023April 30, 2022
Point of sale transactions, excluding sales tax, as a percent of net sales
91%
92%
Point of sale transactions, excluding sales tax, as a percent of total revenues
89%
90%
Disaggregation of revenue
The following table summarizes the Company’s percentage of net sales disaggregated by category:
Thirteen Weeks Ended
April 29, 2023April 30, 2022
Grocery71 %67 %
General Merchandise and Services10 %11 %
Gasoline and Other19 %22 %
v3.23.1
Debt and Credit Arrangements (Tables)
 3 Months Ended
Apr. 29, 2023
Debt Disclosure [Abstract]  
Schedule of debt
The following table summarizes the Company’s debt (in thousands):
April 29, 2023January 28, 2023April 30, 2022
ABL Revolving Facility$400,000 $405,000 $— 
ABL Facility— — 130,000 
First Lien Term Loan450,000 450,000 701,920 
Unamortized original issue discount and debt issuance costs(1,996)(2,120)(2,933)
Less: Short-term debt(400,000)(405,000)(80,000)
Long-term debt$448,004 $447,880 $748,987 
v3.23.1
Stock Incentive Plans (Tables)
 3 Months Ended
Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]  
Stock award activity
The following table summarizes the Company’s stock award activity during the thirteen weeks ended April 29, 2023 (shares in thousands):
Stock OptionsRestricted StockRestricted Stock UnitsPerformance Stock
SharesWeighted-
Average
Exercise
Price		SharesWeighted-
Average
Grant
Date Fair
Value		SharesWeighted-
Average
Grant
Date Fair
Value		SharesWeighted-
Average
Grant
Date Fair
Value
Outstanding, January 28, 20231,788 $20.35 750 $50.10 24 $58.61 854 $45.70 
Granted (a)
— — 321 76.07 — — 503 76.07 
Forfeited/canceled— — (3)47.63 (5)58.61 — — 
Exercised/vested(79)21.32 (378)42.57 — — (640)24.35 
Outstanding, April 29, 20231,709 $20.31 690 $66.33 19 $58.61 717 $58.84 
a.Includes 320 incremental Performance Stock awards granted in fiscal year 2020 with a weighted-average grant date fair value of $24.35, that vested in fiscal year 2023 at greater than 100% of target based on performance.
v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Apr. 29, 2023
Fair Value Disclosures [Abstract]  
Gross carrying amount and fair value of debt
The gross carrying amount and fair value of the Company’s debt at April 29, 2023 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$450,000 $450,734 
ABL Revolving Facility400,000 400,000 
Total Debt$850,000 $850,734 
The gross carrying amount and fair value of the Company’s debt at January 28, 2023 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$450,000 $450,482 
ABL Revolving Facility405,000 405,000 
Total Debt$855,000 $855,482 
The gross carrying amount and fair value of the Company’s debt at April 30, 2022 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $701,323 
ABL Facility130,000 130,000 
Total Debt$831,920 $831,323 
v3.23.1
Earnings Per Share (Tables)
 3 Months Ended
Apr. 29, 2023
Earnings Per Share [Abstract]  
Basic and diluted weighted-average shares of common stock outstanding
The table below reconciles basic weighted-average shares of common stock outstanding to diluted weighted-average shares of common stock outstanding for the thirteen weeks ended April 29, 2023 and April 30, 2022 (in thousands):
Thirteen Weeks Ended
April 29, 2023April 30, 2022
Weighted-average shares of common stock outstanding, used for basic computation133,312 134,244 
Plus: Incremental shares of potentially dilutive securities:
Stock incentive awards2,590 2,458 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding135,902 136,702 
Anti-dilutive restricted shares and stock options The table below summarizes anti-dilutive awards that were excluded from the computation of diluted earnings for the thirteen weeks ended April 29, 2023 and April 30, 2022, as their inclusion would have been anti-dilutive (in thousands):
Thirteen Weeks Ended
April 29, 2023April 30, 2022
Restricted shares103 96 
v3.23.1
Acquisitions (Tables)
 3 Months Ended
Apr. 29, 2023
Business Combination and Asset Acquisition [Abstract]  
Estimated fair values of assets acquired and liabilities assumed
The following table summarizes the consideration paid and the final fair values of the assets acquired and liabilities assumed (in thousands) in connection with the Acquisition:

As of May 2, 2022
Fair Value
Assets:
Property and equipment, net$203,400 
Merchandise inventories88,072 
Goodwill84,682 
Operating lease right-of-use assets, net16,569 
Prepaid expenses and other current assets433 
Intangibles, net100 
Total Assets393,256 
Liabilities:
Long-term operating lease liabilities(16,569)
Accrued expenses and other current liabilities(1,106)
Total Liabilities(17,675)
Total consideration paid, including working capital adjustments$375,581 
v3.23.1
Description of Business (Details)
Apr. 29, 2023
state
store
gas_station
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of stores | store 237
Number of gas stations | gas_station 167
Number of states in which entity operates | state 18
v3.23.1
Revenue Recognition - Point of Sale Transactions as a Percentage of Net Sales and Total Revenue (Details) - Revenue from Rights Concentration Risk - Point Of Sale Transaction
 3 Months Ended
Apr. 29, 2023
Apr. 30, 2022
Net sales    
Concentration Risk [Line Items]    
Concentration risk percentage 91.00% 92.00%
Total revenue    
Concentration Risk [Line Items]    
Concentration risk percentage 89.00% 90.00%
v3.23.1
Revenue Recognition - Narrative (Details)
 3 Months Ended 12 Months Ended
Apr. 29, 2023
USD ($)
$ / gal
Apr. 30, 2022
USD ($)
Jan. 28, 2023
USD ($)
$ / gal
Revenue, Major Customer [Line Items]      
Percentage of cash back earned 5.00%   2.00%
Maximum annual cash back amount     $ 500
Percentage of cash back earned, eligible purchases     5.00%
Cash back in the form of electronic awards issued     $ 10
Cash back, expiration period     6 months
Discount on gasoline (in USD per gallon) | $ / gal 0.15   0.05
Membership      
Revenue, Major Customer [Line Items]      
Deferred revenue $ 192,700,000 $ 185,200,000 $ 183,700,000
Membership fee term 12 months    
Gift Card Programs      
Revenue, Major Customer [Line Items]      
Deferred revenue $ 13,100,000 11,200,000 14,100,000
Revenue recognized 11,600,000 10,500,000  
Rewards Program      
Revenue, Major Customer [Line Items]      
Deferred revenue 36,600,000 32,500,000 34,700,000
Revenue recognized 34,700,000 30,300,000  
Rewards Program, Royalty      
Revenue, Major Customer [Line Items]      
Remaining performance obligation 4,100,000 $ 29,200,000 $ 17,900,000
Rewards Program, Royalty | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-30      
Revenue, Major Customer [Line Items]      
Remaining performance obligation $ 4,100,000    
Remaining performance obligation, timing of satisfaction 9 months    
Rewards Program, Marketing and Integration      
Revenue, Major Customer [Line Items]      
Remaining performance obligation $ 14,700,000    
Rewards Program, Marketing and Integration | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-30      
Revenue, Major Customer [Line Items]      
Remaining performance obligation $ 6,300,000    
Remaining performance obligation, timing of satisfaction 9 months    
Rewards Program, Marketing and Integration | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-28      
Revenue, Major Customer [Line Items]      
Remaining performance obligation $ 8,400,000    
Remaining performance obligation, timing of satisfaction    
Rewards Program, Marketing and Integration | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-28 | Accrued expenses and other current liabilities      
Revenue, Major Customer [Line Items]      
Remaining performance obligation $ 1,100,000    
Rewards Program, Marketing and Integration | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-28 | Other non-current liabilities      
Revenue, Major Customer [Line Items]      
Remaining performance obligation $ 7,300,000    
v3.23.1
Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details)
 3 Months Ended
Apr. 29, 2023
Apr. 30, 2022
Grocery    
Disaggregation of Revenue [Line Items]    
Net sales percentage 71.00% 67.00%
General Merchandise and Services    
Disaggregation of Revenue [Line Items]    
Net sales percentage 10.00% 11.00%
Gasoline and Other    
Disaggregation of Revenue [Line Items]    
Net sales percentage 19.00% 22.00%
v3.23.1
Debt and Credit Arrangements - Debt Components (Details) - USD ($)
$ in Thousands
Apr. 29, 2023
Jan. 28, 2023
Apr. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount $ 850,000 $ 855,000 $ 831,920
Unamortized original issue discount and debt issuance costs (1,996) (2,120) (2,933)
Less: Short-term debt (400,000) (405,000) (80,000)
Long-term debt 448,004 447,880 748,987
ABL Revolving Facility      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount 400,000 405,000 0
ABL Facility      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount 0 0 130,000
First Lien Term Loan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount $ 450,000 $ 450,000 $ 701,920
v3.23.1
Debt and Credit Arrangements - Narrative (Details)
Jan. 05, 2023
Jan. 04, 2023
Jul. 28, 2022
USD ($)
Jul. 27, 2022
USD ($)
Apr. 29, 2023
USD ($)
Jan. 28, 2023
USD ($)
Apr. 30, 2022
USD ($)
Debt Instrument [Line Items]              
Carrying Amount         $ 850,000,000 $ 855,000,000 $ 831,920,000
ABL Revolving Facility              
Debt Instrument [Line Items]              
Carrying Amount         400,000,000 405,000,000 0
ABL Facility              
Debt Instrument [Line Items]              
Carrying Amount         0 0 $ 130,000,000
Decrease in basis spread on variable rate upon achievement of certain net leverage ratio       0.125%      
ABL Facility | Term Loan              
Debt Instrument [Line Items]              
Principal amount       $ 50,000,000      
Net leverage ratio       3.00      
Stated interest rate             2.45%
ABL Facility | Term Loan | Minimum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate       1.00%      
ABL Facility | Term Loan | Minimum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate       2.00%      
ABL Facility | Term Loan | Maximum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate       1.50%      
ABL Facility | Term Loan | Maximum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate       2.50%      
First Lien Term Loan              
Debt Instrument [Line Items]              
Carrying Amount         $ 450,000,000 $ 450,000,000 $ 701,920,000
Effective interest rate         7.58% 7.11% 2.52%
Revolving Credit Facility | ABL Revolving Facility              
Debt Instrument [Line Items]              
Maximum borrowing capacity     $ 1,200,000,000        
Commitment fee percentage     0.20%        
Carrying Amount         $ 400,000,000 $ 405,000,000  
Interest rate at end of period         6.08% 5.63%  
Unused capacity         $ 645,000,000 $ 535,200,000  
Revolving Credit Facility | ABL Revolving Facility | Term one              
Debt Instrument [Line Items]              
Term of borrowing     1 month        
Revolving Credit Facility | ABL Revolving Facility | Term two              
Debt Instrument [Line Items]              
Term of borrowing     3 months        
Revolving Credit Facility | ABL Revolving Facility | Term three              
Debt Instrument [Line Items]              
Term of borrowing     6 months        
Revolving Credit Facility | ABL Revolving Facility | Term four              
Debt Instrument [Line Items]              
Term of borrowing     12 months        
Revolving Credit Facility | ABL Revolving Facility | Minimum | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Basis spread on variable rate     1.00%        
Revolving Credit Facility | ABL Revolving Facility | Minimum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate     0.00%        
Revolving Credit Facility | ABL Revolving Facility | Maximum | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Basis spread on variable rate     1.25%        
Revolving Credit Facility | ABL Revolving Facility | Maximum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate     0.25%        
Revolving Credit Facility | ABL Facility              
Debt Instrument [Line Items]              
Maximum borrowing capacity       $ 950,000,000      
Carrying Amount             $ 130,000,000
Interest rate at end of period             1.89%
Unused capacity             $ 859,100,000
Revolving Credit Facility | ABL Facility | Minimum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate       0.25%      
Revolving Credit Facility | ABL Facility | Minimum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate       1.25%      
Revolving Credit Facility | ABL Facility | Maximum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate       0.75%      
Revolving Credit Facility | ABL Facility | Maximum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate       1.75%      
Letter of Credit | ABL Revolving Facility              
Debt Instrument [Line Items]              
Carrying Amount         $ 11,800,000 $ 11,500,000  
Letter of Credit | ABL Facility              
Debt Instrument [Line Items]              
Carrying Amount             $ 10,900,000
Term Loan | First Lien Term Loan | Line of Credit              
Debt Instrument [Line Items]              
Net leverage ratio 0.0350            
Term Loan | First Lien Term Loan | Line of Credit | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Basis spread on variable rate 2.75%            
Term Loan | First Lien Term Loan | Line of Credit | Minimum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate   2.00%          
Term Loan | First Lien Term Loan | Line of Credit | Maximum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate   2.25%          
v3.23.1
Stock Incentive Plans - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 29, 2023
Apr. 30, 2022
Jun. 14, 2018
Jun. 13, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense $ 10.0 $ 9.1    
The 2018 Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Shares authorized for issuance (in shares)       13,148,058
The 2011 Plan and 2012 Director Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Shares reserved for issuance (in shares)       985,369
Shares available for future issuance (in shares) 4,859,186      
Employee Stock Purchase Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Shares reserved for issuance (in shares) 2,524,665      
Stock-based compensation expense $ 0.3 $ 0.2    
Shares reserved for issuance (in shares)     973,014  
Shares reserved for issuance, annual increase (in shares)     486,507  
Shares reserved for issuance, annual increase percentage     0.50%  
v3.23.1
Stock Incentive Plans - Stock Award Activity (Details)
shares in Thousands
 3 Months Ended
Apr. 29, 2023
$ / shares
shares
Stock Options  
Shares  
Outstanding (in shares) | shares 1,788
Granted (in shares) | shares 0
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares (79)
Outstanding (in shares) | shares 1,709
Weighted- Average Exercise Price  
Outstanding (in USD per share) | $ / shares $ 20.35
Granted (in USD per share) | $ / shares 0
Forfeited/canceled (in USD per share) | $ / shares 0
Exercised/vested (in USD per share) | $ / shares 21.32
Outstanding (in USD per share) | $ / shares $ 20.31
Restricted Stock  
Shares  
Outstanding (in shares) | shares 750
Granted (in shares) | shares 321
Forfeited/canceled (in shares) | shares (3)
Exercised/vested (in shares) | shares (378)
Outstanding (in shares) | shares 690
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 50.10
Granted (in USD per share) | $ / shares 76.07
Forfeited/canceled (in USD per share) | $ / shares 47.63
Exercised/vested (in USD per share) | $ / shares 42.57
Outstanding (in USD per share) | $ / shares $ 66.33
Restricted Stock Units  
Shares  
Outstanding (in shares) | shares 24
Granted (in shares) | shares 0
Forfeited/canceled (in shares) | shares (5)
Exercised/vested (in shares) | shares 0
Outstanding (in shares) | shares 19
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 58.61
Granted (in USD per share) | $ / shares 0
Forfeited/canceled (in USD per share) | $ / shares 58.61
Exercised/vested (in USD per share) | $ / shares 0
Outstanding (in USD per share) | $ / shares $ 58.61
Performance Stock  
Shares  
Outstanding (in shares) | shares 854
Granted (in shares) | shares 503
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares (640)
Outstanding (in shares) | shares 717
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 45.70
Granted (in USD per share) | $ / shares 76.07
Forfeited/canceled (in USD per share) | $ / shares 0
Exercised/vested (in USD per share) | $ / shares 24.35
Outstanding (in USD per share) | $ / shares $ 58.84
Performance Stock, Vested at Greater than 100% of Target  
Shares  
Granted (in shares) | shares 320
Weighted- Average Grant Date Fair Value  
Granted (in USD per share) | $ / shares $ 24.35
Performance target (greater than) 100.00%
v3.23.1
Treasury Shares and Share Repurchase Program (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 29, 2023
Apr. 30, 2022
Nov. 16, 2021
Equity [Abstract]      
Shares reacquired to satisfy tax withholding obligations (in shares) 356,202 229,900  
Shares reacquired to satisfy tax withholding obligations $ 27,100 $ 15,500  
Equity, Class of Treasury Stock [Line Items]      
Shares repurchased $ 42,369 $ 51,342  
2021 Repurchase Program      
Equity, Class of Treasury Stock [Line Items]      
Share repurchase program, amount authorized     $ 500,000
Shares repurchased (in shares) 204,040 570,506  
Shares repurchased $ 15,300 $ 35,800  
Share repurchase program, amount remaining available $ 303,400    
v3.23.1
Income Taxes (Details)
 3 Months Ended 12 Months Ended
Apr. 29, 2023
Apr. 30, 2022
Feb. 03, 2024
Income Tax Contingency [Line Items]      
Effective tax rate 32.60% 21.10%  
Forecast      
Income Tax Contingency [Line Items]      
Effective tax rate     28.30%
v3.23.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Apr. 29, 2023
Jan. 28, 2023
Apr. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 850,000 $ 855,000 $ 831,920
Fair Value 850,734 855,482 831,323
First Lien Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 450,000 450,000 701,920
Fair Value 450,734 450,482 701,323
ABL Revolving Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 400,000 405,000 0
Fair Value 400,000 405,000  
ABL Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 0 $ 0 130,000
Fair Value     $ 130,000
v3.23.1
Earnings Per Share - Basic and Diluted Weighted-Average Shares of Common Stock Outstanding (Details) - shares
shares in Thousands
 3 Months Ended
Apr. 29, 2023
Apr. 30, 2022
Earnings Per Share [Abstract]    
Weighted-average shares of common stock outstanding, used for basic computation (in shares) 133,312 134,244
Plus: Incremental shares of potentially dilutive securities:    
Stock incentive awards (in shares) 2,590 2,458
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding (in shares) 135,902 136,702
v3.23.1
Earnings Per Share - Anti-Dilutive Restricted Shares and Stock Options (Details) - shares
shares in Thousands
 3 Months Ended
Apr. 29, 2023
Apr. 30, 2022
Restricted shares    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Antidilutive securities excluded from computation of diluted earnings per share (in shares) 103 96
v3.23.1
Derivative Financial Instruments (Details)
$ in Millions
 3 Months Ended
Nov. 13, 2018
derivative_instrument
Apr. 29, 2023
USD ($)
Apr. 30, 2022
USD ($)
Jan. 28, 2023
USD ($)
Feb. 13, 2019
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]          
Number of derivative instruments entered | derivative_instrument 3        
Amount of hedged item         $ 1,200.0
Interest rate         3.00%
Interest rate swap liability   $ 0.0 $ 0.0 $ 0.0  
Derivative gains   0.0 0.8    
Interest expense   $ 0.0 $ 0.3    
v3.23.1
Acquisitions - Narrative (Details) - Burris Logistics - USD ($)
$ in Millions
 3 Months Ended
May 02, 2022
Apr. 29, 2023
Apr. 30, 2022
Business Acquisition [Line Items]      
Consideration paid $ 375.6    
Transaction costs   $ 0.0 $ 7.9
v3.23.1
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 29, 2023
Jan. 28, 2023
May 02, 2022
Apr. 30, 2022
Assets:        
Goodwill $ 1,008,816 $ 1,008,816   $ 924,134
Burris Logistics        
Assets:        
Property and equipment, net     $ 203,400  
Merchandise inventories     88,072  
Goodwill     84,682  
Operating lease right-of-use assets, net     16,569  
Prepaid expenses and other current assets     433  
Intangibles, net     100  
Total Assets     393,256  
Liabilities:        
Long-term operating lease liabilities     (16,569)  
Accrued expenses and other current liabilities     (1,106)  
Total Liabilities     (17,675)  
Total consideration paid, including working capital adjustments     $ 375,581